Legal Question in Real Estate Law in New Jersey
Co ownership percentage
Relative owns 2 unit rental in nj. Lease m/m. His son needs to move in. No mortgage. How can owner occupied provision be fulfilled with son on deed with minimal tax implications. This house will be left to 3 other siblings in his will.
Asked on 10/19/05, 10:09 pm
1 Answer from Attorneys
Bernard J. Berkowitz
Berkowitz & Raiken
Re: Co ownership percentage
One way to accomplish what you want would be to put all the siblings on the Deed now. If the parent still want to collect the rent for the other unit, a life estate can be established. Will the occupying sibling be paying anything for living there? If I can help please contact me.
Answered on 10/20/05, 9:46 am
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